WASHINGTON—The Federal Reserve reported that outstanding consumer credit at credit unions for December 2018 grew, but at a slower pace than November.
The deceleration in the growth in consumer credit was driven by a slowing in the growth of nonrevolving credit, reported Keith Leggett, the former senior vice president and senior economist at the ABA.
The outstanding consumer credit at credit unions was $474.2 billion for December compared to $471.4 billion for November.
Revolving credit at credit unions increased by $1.3 billion during December to $62.6 billion.
Nonrevolving credit grew by $1.5 billion for the month of December to $411.6 billion. For the month of November, nonrevolving credit expanded by $2.3 billion, Leggett added.